CYNERGY BANK LAUNCHES BUSINESS CURRENT ACCOUNT WITH 1.50% AER

• 1.50% AER on deposits up to £25,000
• Cynergy Bank aims to disrupt “outdated practices, complex fees, lack of a personal touch and low in-credit interest rates” with traditional business accounts

London, January 2024: Cynergy Bank announces the launch of its updated Business Current Account, which offers interest on every penny deposited.

Cynergy Bank’s updated Business Current Account has been tailored to offer businesses solutions that they seek – including a market-leading interest rate of 1.50% AER variable* paid on deposits up to and including £25,000, and 0.25% AER variable thereafter. Customers can apply for the Business Current Account via an easy, hassle-free digital application process that can be completed in under fifteen minutes**.

The Business Current Account is accessible to all eligible UK businesses, including sole traders, partnerships, limited liability partnerships and limited companies, with up to 10 Directors.

This new current account complements the bank’s existing range of products designed to serve the complex needs of business customers, including its market-leading Business Saver which pays 3.65% AER* monthly. Business Saver is also open to all eligible UK businesses, including sole traders, partnerships, limited liability partnerships and limited companies with up to 10 Directors and applicants can open an account online in as little as ten minutes.

Cynergy Bank intends to disrupt the business banking market by ensuring the needs of SMEs are addressed through its expanding suite of business banking solutions and products, serviced by its ‘human digital’ customer experience.

Nick Fahy, Chief Executive of Cynergy Bank, comments: “As a challenger bank, we are committed to providing businesses with a new standard of value and service that has been lacking in the industry. The outdated practices, complex fees, lack of a personal touch and low in-credit interest rates have long deprived businesses of the true value they deserve. We’re here to disrupt that norm and empower businesses with fairer, more transparent financial solutions that genuinely prioritise their success.

 “We are confident in our focus on the new standards that we will set for business banking in the UK. If our customers succeed, then we will also share in that success.”

The Cynergy Bank Business Current Account is accessible for flat monthly fee of £25 which covers standard electronic transactions (excluding cash, cheque-clearing, CHAPS, SWIFT and SEPA transactions).

Additional features include a VISA debit card with contactless payment up to £100, accounts available in three currencies (GBP, EUR, USD) and the ability to pay into accounts at any UK branch of HSBC.